If you're searching for a good deal on a secured loan, it pays to know where to look. Finding the best rates can make a noticeable difference to your monthly outgoings - but with so many deals on offer, it can be difficult to keep track.
Explaining secured loans
If a loan is 'secured', it means that your home is a form of 'safeguard' against the deal. Because lenders consider this type of loan a lower risk than unsecured loans, you will often have access to lower interest rates and a longer repayment period. Because the loan is secured against your home, failing to make repayments could ultimately result in your home being repossessed (although this is generally a last resort). But as long as you're sure you can keep up with your repayments, a secured loan could be a great way of raising some additional funds.
How to find the best secured loan deals - There are a number of things you can do to get yourself one step ahead in the loans market.
Do your research
Taking the first deal you come across is rarely a good idea. It's easy to get a rough idea of the rates that each lender is offering - either online or on the high street. Take special care to find out whether there are any catches - some of the interest rates advertised may not apply to the amount you are borrowing, for example. Also be aware that the rate you are offered will largely depend on your credit history, so if your credit history is not perfect, you may end up paying a little more than advertised.
Take your time
Don't necessarily expect to take out your new loan the very same week you start looking. It's often a good idea to set aside some to search the market to ensure that you are aware of what deals various lenders are offering.
Get free loans advice
Speaking to an expert loans adviser can often make a real difference. Since they will have information on a range of lenders at any given time, your loans adviser can easily compare the best deals for your circumstances.
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